Stocks have moved mostly higher over the course of morning trading on Tuesday, extending the upward move seen in recent weeks. The major averages have climbed firmly into positive territory, with the S&P 500 reaching a four-year high.
The strength on Wall Street is partly due to optimism about the financial situation in Europe amid reports that the European Central Bank is considering buying bonds from troubled eurozone countries such as Italy and Spain in order to reduce borrowing costs.
Optimism about potential progress on addressing the Greek debt crisis has also generated buying interest, with Eurogroup chief Jean-Claude Juncker due to meet with Greek Prime Minister Antonis Samaras in Athens on Wednesday.
Gold stocks have shown a substantial move to the upside on the day, driving the NYSE Arca Gold Bugs Index up by 3.4 percent to a two-month high. The strength among gold stocks comes as gold for December delivery is climbing $17 to $1,640 an ounce.
Significant strength has also emerged among airline stocks, which are adding to yesterday's strong gains. The NYSE Arca Airline Index has risen by 2.3 percent after ending Monday's trading up by 2.9 percent.
Financial, steel, electronic storage and networking stocks are also posting notable gains, moving higher along with most of the major sectors.
The major averages have pulled back off their highs for the session in recent trading but remain firmly positive. The Dow is up 50.62 points or 0.4 percent at 13,322.26, the Nasdaq is up 18.94 points or 0.6 percent at 3,095.15 and the S&P 500 is up 7.52 points or 0.5 percent at 1,425.65.
by RTT Staff Writer
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